- Uniswap founder Hayden Adams burns 99.99% of $650 billion worth of HayCoin.
- HayCoin rose unexpectedly from a test token to a meme sensation.
- Adams disassociates from HayCoin amid surging speculation.
The HayCoin has become one of the latest sensational cryptocurrencies to garner significant attention from crypto market participants. However, the originator of the token had a different motivation behind its launching than the speculative appeal crypto enthusiasts have found with the coin.
In a recent tweet, Hayden Adams, the founder of the prominent decentralized exchange Uniswap, disclosed his involvement with HayCoin. He mainly shed light on its origins and his decision to eliminate his entire HayCoin portfolio, which is a staggering 99.99%.
Adams explained that he had initially deployed HayCoin for testing purposes about five years ago, even before the launch of Uniswap v1. According to him, gas fees were significantly lower back then, which allowed the mainnet to serve as a testnet.
Following the release of Uniswap v1, he created a small liquidity pool with a fraction of the total HayCoin supply and retained the remainder in his wallet. Adams noted that the reserve was a testing ground for the migration contract from Uniswap v1 to v2.
Meanwhile, he disclosed that HayCoin garnered attention over the years from a few individuals who bought it as a joke or for its novelty value. However, the recent surge in trading activity surrounding HayCoin took him by surprise.
Faced with the situation, Adams expressed discomfort in owning nearly the entire supply of HayCoin, approximately 99.99%, while the token was becoming a subject of memes and speculation. In response, he has decided to burn the entire HayCoin balance in his wallet despite its seemingly absurd valuation of around $650 billion.
Furthermore, Adams proclaimed he would have no future ties with HayCoin. Additionally, the Uniswap CEO stated he preferred a new logo for HayCoin that does not incorporate his profile picture (PFP).
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